CIB 1Q23 Consolidated Financial Statements

Commercial International Bank (Egypt) S.A.E.

Consolidated Financial Statements

March 31, 2023

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Condensed Consolidated Interim Cash flows for the period ended March 31 2023

Notes

Mar. 31, 2023

Mar. 31, 2022

EGP Thousands

EGP Thousands

Cash flow from operating activities

Profit before income tax from continued operations

8,975,279

6,142,091

Profit from discontinued operations

870

-

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

16

228,065

223,781

Impairment (Released) charge for credit losses (Loans and advances to customers and banks)

707,740

(145,266)

Other provisions charges

21

464,311

1,036,252

Impairment (Released) charge for credit losses (due from banks)

2,096

4,776

Impairment (Released) charge for credit losses (financial investments)

234,993

101,798

Impairment (Released) charge for other assets

-

(277,768)

Exchange revaluation differences for financial assets at fair value through OCI and AC

(6,033,831)

63

Goodwill amortization

26

10,314

10,314

Intangible assets amortization

27

2,591

2,591

Utilization of other provisions

21

(345)

(156)

Other provisions no longer used

21

-

(385)

Exchange differences of other provisions

21

1,169,894

278,463

profits from selling property and equipment

(118)

(50)

profits from selling financial investments at fair value through OCI

13

(70,920)

(1,040,297)

Shares based payments

190,974

175,235

Bank's share in the profits / losses of associates

14,871

(2,841)

Operating profits before changes in operating assets and liabilities

5,896,784

6,508,601

Net decrease (increase) in assets and liabilities

Due from banks

12,110,117

25,468,271

Financial assets at fair value through P&L

-

239,339

Derivative financial instruments

(359,998)

(680,085)

Loans and advances to banks and customers

11 - 12

(17,792,410)

(12,821,977)

Other assets

(96,139)

1,844,416

Non current assets held for sale

(220,335)

-

Due to banks

17

4,790,187

2,859,939

Due to customers

18

45,212,196

21,780,515

Current income tax obligations paid

(270,197)

(259,516)

Non current liabilities held for sale

890

-

Other liabilities

(354,332)

1,860,904

Net cash generated from (used in) operating activities

48,916,763

46,800,407

Cash flow from investing activities

Payment for purchases of property, equipment and branches constructions

(457,850)

(92,999)

Proceeds from selling property and equipment

118

50

Proceeds from redemption of financial assets at amortized cost

196,783

2,609,283

Payment for purchases of financial assets at amortized cost

(8,533,818)

(2,474,553)

Payment for purchases of financial assets at fair value through OCI

(32,339,905)

(68,625,535)

Proceeds from selling financial assets at fair value through OCI

46,767,421

78,456,150

Payment for investment in subsidiaries.

(1,008,761)

-

Net cash generated from (used in) investing activities

4,623,988

9,872,396

Condensed Consolidated Interim Cash flows for the period ended March 31, 2023 (Cont.)

Mar. 31, 2023

Mar. 31, 2022

EGP Thousands

EGP Thousands

Cash flow from financing activities

Other loans

1,607,404

1,035,994

Dividends paid

(1,988,585)

(4,410,322)

Issued debt instruments

612,624

253,338

Capital increase

165,429

122,716

Net cash generated from (used in) financing activities

396,872

(2,998,274)

Net (decrease) increase in cash and cash equivalent during the period

53,937,623

53,674,529

Beginning balance of cash and cash equivalent

92,969,526

61,065,822

Cash and cash equivalent at the end of the period

146,907,149

114,740,351

Cash and cash equivalent comprise:

Cash and balances at the central bank

52,462,528

30,581,505

Due from banks

170,733,811

121,128,084

Treasury bills and other governmental notes

10 

68,681,151

40,379,000

Obligatory reserve balance with CBE

(46,005,523)

(26,188,639)

Due from banks with maturities more than three months

(29,664,721)

(10,245,456)

Treasury bills with maturity more than three months

(69,300,097)

(40,914,143)

Total cash and cash equivalent

146,907,149

114,740,351

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2022

Mar. 31, 2022

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Reserve for transactions under common control

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Non Controlling Interest

Total

EGP Thousands

Beginning balance

19,702,418

3,293,074

28,260,532

1,550,906

8,183

16,000

641,372

9,141

13,696,402

1,674,392

(4,218)

68,848,202

454,535

69,302,737

Capital increase

122,716

-

502,922

-

-

-

-

-

-

(502,922)

-

122,716

-

122,716

Transferred to reserves

-

670,872

8,333,404

-

-

2,947

-

-

(9,007,223)

-

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(4,410,322)

-

-

(4,410,322)

-

(4,410,322)

Net profit of the period

-

-

-

-

-

-

-

-

4,244,231

-

-

4,244,231

15,387

4,259,618

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(4,201)

-

4,201

-

-

-

-

-

Net unrealized gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

-

(3,961,167)

-

-

-

-

(3,961,167)

-

(3,961,167)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,840

(2,840)

-

-

-

-

-

Effect of ECL in fair value of debt instruments measured at fair value through OCI

-

-

-

-

-

-

101,602

-

-

-

-

101,602

-

101,602

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

175,235

-

175,235

-

175,235

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

56,854

56,854

39,279

96,133

Balance at the end of the period

19,825,134

3,963,946

37,096,858

1,550,906

8,183

18,947

(3,222,394)

11,981

4,524,449

1,346,705

52,636

65,177,351

509,201

65,686,552

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2023

Mar. 31, 2023

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Reserve for transactions under common control

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Non Controlling Interest

Total

EGP Thousands

Beginning balance

29,825,134

3,963,946

27,096,858

1,550,906

8,183

18,947

(13,188,818)

11,981

16,393,841

1,895,435

181,324

67,757,737

580,431

68,338,168

Capital increase

165,429

-

-

-

-

-

-

-

-

-

-

165,429

-

165,429

Transferred to reserves

-

806,408

11,998,639

-

-

2,208

-

-

(12,388,223)

(419,032)

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(3,738,888)

-

-

(3,738,888)

(23,982)

(3,762,870)

Net profit of the period

-

-

-

-

-

-

-

-

6,064,947

-

-

6,064,947

3,847

6,068,794

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(1,895)

-

1,895

-

-

-

-

-

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

(536,867)

(536,867)

Reserve for transactions under common control

-

-

-

-

(679,155)

-

-

-

-

-

-

(679,155)

-

(679,155)

Net unrealised gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

-

(8,522,293)

-

-

-

-

(8,522,293)

-

(8,522,293)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

3,249

(3,249)

-

-

-

-

-

Effect of ECL in fair value of debt instruments measured at fair value through OCI

-

-

-

-

-

-

208,752

-

-

-

-

208,752

-

208,752

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

190,974

-

190,974

-

190,974

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

100,603

100,603

99,192

199,795

Balance at the end of the period

29,990,563

4,770,354

39,095,497

1,550,906

(670,972)

21,155

(21,504,254)

15,230

6,330,323

1,667,377

281,927

61,548,106

122,621

61,670,727